Jeff has 400 hours each month to devote to either leisure or work. For each hour...
Jeff has 400 hours each month to devote to either leisure or work. For each hour he chooses to work, he earns a wage of $40.
Written in terms of leisure in hours (L) and consumption in dollars (C), Jeff's budget constraint is
Homework Answers
Answer
The value of 400 hours=400*40=16000
Jeff's budget constraint is
40L+40C=16000
Where
leisure in hours (L) and consumption in dollars (C)
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Jeff has 400 hours each month to devote to either leisure or
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